Bernstein analyst Boris Van lowered the firm’s price target on Tencent Music (TME) to $13 from $14 and keeps an Outperform rating on the shares following quarterly results. The firm highlights the light beat in music subscription revenue, with paying subs surprising to upside but ARPU showing very minimal uplift.
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Tencent Music price target lowered to $13 from $14 at Bernstein
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